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February 28, 2009

Can I take the deduction for my Traditional IRA contribution and still receive the Saver’s Credit?

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Can I take the deduction for my Traditional IRA contribution and still receive the Saver’s Credit?

Can I take a deduction for my Traditional IRA contribution and still receive the Saver’s Credit?

Yes. If you meet the eligibility requirements for both, you can claim both on your tax return. See the articles The Saver’s Credit- an Often Overlooked Retirement Savings Benefit  and Active Participant Status–Can You Deduct Your IRA Contribution?

Written By

Denise Appleby

Denise is CEO of Appleby Retirement Consulting Inc., a firm that provides IRA resources for financial/ tax/legal professionals. She has over 20 years of experience in the retirement plans field, which includes training and technical consultation.

Denise writes and publishes educational /marketing tools for advisors; available at http://irapublications.com. Denise co-authored several books on IRAs

Denise is a graduate of The John Marshall Law School, where she obtained a Masters of Jurisprudence in Employee Benefits, and has earned 5 professional retirement designations.
She has appeared on numerous media programs, sharing her insights on retirement tax laws.

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